China Rapid Finance announced that it is now the leader in unsecured lending to Chinese consumers over mobile devices in terms of number of borrowers.
The company's Feb. 11 campaign where it launched offers to 50 million pre-screened users on Tencent's mobile QQ platform for pre-approved loans of 500 RMB ($80) resulted in more than 300,000 unsecured loans.
CRF has also become the largest online lender in China since.
The company's initiative is a first in China, where most people do not have a credit score and have difficulty to pre-qualify as a result.
According to People's Bank of China, more than 78 percent of Chinese people have no access to credit.
CRF's program also marked the first time that any company anywhere in the world offered pre-approved loans that require no application and no waiting time between loan request and cash availability.
"The product we launched over mobile devices relied upon elaborate scoring systems we developed over the past decade and in 70 cities across China," said CRF founder and CEO Zane Wang.
CRF's new loan program was developed with the help of Nigel Morris, co-founder of Capital One and managing director of QED Investors.
"Nowhere in the world have I seen a mobile based pre-approved credit solution of this scale or technological innovation," said Morris.
Joe Zhang, author of "Inside China's Shadow Banking: The Next Subprime Crisis?," lauded CRF for pairing its analytics-driven lending capabilities with data from Tenpay's QQ users and other leading companies for being a groundbreaker in the industry.